BALMORAL MILL SHOP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Company Registration No. SC116183 (Scotland)
PAGES FOR FILING WITH REGISTRAR
BALMORAL MILL SHOP LIMITED
COMPANY INFORMATION
Directors
Mrs Julie Mackie
Mr James Mackie
Secretary
Mr James Mackie
Company number
SC116183
Registered office
28 - 30 Polwarth Street
Galston
East Ayrshire
Scotland
KA4 8HG
Accountants
William Duncan + Co Ltd
44 Bank Street
Kilmarnock
Ayrshire
United Kingdom
KA1 1HA
BALMORAL MILL SHOP LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
BALMORAL MILL SHOP LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF BALMORAL MILL SHOP LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Balmoral Mill Shop Limited for the year ended 31 August 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.
This report is made solely to the Board of Directors of Balmoral Mill Shop Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Balmoral Mill Shop Limited and state those matters that we have agreed to state to the Board of Directors of Balmoral Mill Shop Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Balmoral Mill Shop Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Balmoral Mill Shop Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Balmoral Mill Shop Limited. You consider that Balmoral Mill Shop Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Balmoral Mill Shop Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
William Duncan + Co Ltd
21 February 2024
Chartered Accountants
44 Bank Street
Kilmarnock
Ayrshire
United Kingdom
KA1 1HA
BALMORAL MILL SHOP LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
7,537
9,546
Tangible assets
4
1,830
3,631
9,367
13,177
Current assets
Stocks
47,273
58,113
Debtors
5
2,923
5,699
Cash at bank and in hand
19,441
13,295
69,637
77,107
Creditors: amounts falling due within one year
6
(53,789)
(82,952)
Net current assets/(liabilities)
15,848
(5,845)
Total assets less current liabilities
25,215
7,332
Creditors: amounts falling due after more than one year
7
(3,375)
(4,275)
Provisions for liabilities
(1,780)
(2,504)
Net assets
20,060
553
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
20,058
551
Total equity
20,060
553
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BALMORAL MILL SHOP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 21 February 2024 and are signed on its behalf by:
Mr James Mackie
Director
Company registration number SC116183 (Scotland)
BALMORAL MILL SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
1
Accounting policies
Company information
Balmoral Mill Shop Limited is a private company limited by shares incorporated in Scotland. The registered office is 28 - 30 Polwarth Street, Galston, East Ayrshire, Scotland, KA4 8HG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover relates to the provision of retail sales of clothing and embroidery.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
20% Reducing Balance
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on cost
Fixtures and fittings
20% on cost
BALMORAL MILL SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BALMORAL MILL SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
BALMORAL MILL SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 September 2022 and 31 August 2023
2,500
23,000
25,500
Amortisation and impairment
At 1 September 2022
2,375
13,579
15,954
Amortisation charged for the year
125
1,884
2,009
At 31 August 2023
2,500
15,463
17,963
Carrying amount
At 31 August 2023
7,537
7,537
At 31 August 2022
125
9,421
9,546
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022
10,180
Additions
150
At 31 August 2023
10,330
Depreciation and impairment
At 1 September 2022
6,549
Depreciation charged in the year
1,951
At 31 August 2023
8,500
Carrying amount
At 31 August 2023
1,830
At 31 August 2022
3,631
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
475
3,400
Other debtors
2,448
2,299
2,923
5,699
BALMORAL MILL SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
862
Other borrowings
900
1,275
Trade creditors
15,140
14,313
Corporation tax
6,222
Other taxation and social security
2,444
2,028
Government grants
255
510
Other creditors
24,005
48,963
Accruals and deferred income
3,961
15,863
53,789
82,952
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
3,375
4,275
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
1,335
1,691
BALMORAL MILL SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 9 -
10
Directors' transactions
Dividends totalling £4,000 (2022 - £2,000) were paid in the year in respect of shares held by the company's directors.
James Mackie
During the year, James Mackie introduced £3,845 into the company resulting in a closing balance of £8,845 (2022: £5000) owed to the director at the balance sheet date.
John Mackie
During the year, John Mackie introduced £0 into the company and was repaid £43,590, resulting in a closing balance of £0 (2022: £43,590) owed to the director at the balance sheet date.
Julie Mackie
During the year, Julie Mackie introduced £45,000 into the company and was repaid £30,020, resulting in a closing balance of £14,980 (2022: £0) owed to the director at the balance sheet date.
2023-08-312022-09-01false21 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMrs Julie MackieMr James MackieMr J M MackieMr James MackiefalseSC1161832022-09-012023-08-31SC116183bus:Director12022-09-012023-08-31SC116183bus:CompanySecretaryDirector12022-09-012023-08-31SC116183bus:CompanySecretary12022-09-012023-08-31SC116183bus:Director22022-09-012023-08-31SC116183bus:Director32022-09-012023-08-31SC116183bus:RegisteredOffice2022-09-012023-08-31SC1161832023-08-31SC1161832022-08-31SC116183core:NetGoodwill2023-08-31SC116183core:IntangibleAssetsOtherThanGoodwill2023-08-31SC116183core:NetGoodwill2022-08-31SC116183core:IntangibleAssetsOtherThanGoodwill2022-08-31SC116183core:OtherPropertyPlantEquipment2023-08-31SC116183core:OtherPropertyPlantEquipment2022-08-31SC116183core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-31SC116183core:CurrentFinancialInstrumentscore:WithinOneYear2022-08-31SC116183core:Non-currentFinancialInstrumentscore:AfterOneYear2023-08-31SC116183core:Non-currentFinancialInstrumentscore:AfterOneYear2022-08-31SC116183core:CurrentFinancialInstruments2023-08-31SC116183core:CurrentFinancialInstruments2022-08-31SC116183core:ShareCapital2023-08-31SC116183core:ShareCapital2022-08-31SC116183core:RetainedEarningsAccumulatedLosses2023-08-31SC116183core:RetainedEarningsAccumulatedLosses2022-08-31SC116183core:ShareCapitalOrdinaryShares2023-08-31SC116183core:ShareCapitalOrdinaryShares2022-08-31SC116183core:Goodwill2022-09-012023-08-31SC116183core:IntangibleAssetsOtherThanGoodwill2022-09-012023-08-31SC116183core:PatentsTrademarksLicencesConcessionsSimilar2022-09-012023-08-31SC116183core:PlantMachinery2022-09-012023-08-31SC116183core:FurnitureFittings2022-09-012023-08-31SC1161832021-09-012022-08-31SC116183core:NetGoodwill2022-08-31SC116183core:IntangibleAssetsOtherThanGoodwill2022-08-31SC1161832022-08-31SC116183core:NetGoodwill2022-09-012023-08-31SC116183core:OtherPropertyPlantEquipment2022-08-31SC116183core:OtherPropertyPlantEquipment2022-09-012023-08-31SC116183core:WithinOneYear2023-08-31SC116183core:WithinOneYear2022-08-31SC116183core:Non-currentFinancialInstruments2023-08-31SC116183core:Non-currentFinancialInstruments2022-08-31SC116183bus:PrivateLimitedCompanyLtd2022-09-012023-08-31SC116183bus:SmallCompaniesRegimeForAccounts2022-09-012023-08-31SC116183bus:FRS1022022-09-012023-08-31SC116183bus:AuditExemptWithAccountantsReport2022-09-012023-08-31SC116183bus:FullAccounts2022-09-012023-08-31xbrli:purexbrli:sharesiso4217:GBP